Beef prices expected to rise 10 percent by summer

Could beef become the new lobster? Beef suppliers say prices are expected to rise 10 percent by this summer. Of course, this will mean cash strapped families will have to stretch the budget even more to put red meat on the dinner table.

The drought last summer caused grain prices to rise. Diesel prices spiked, which means it costs more to run their farming equipment. And the spike in regular gas prices mean higher transportation costs.

"They went from $2.12 cents a pound on the side of beef hanging weight to $2.22 a pound," says Jerry Hall, co-owner of Hall Brothers Meats.

He says he had to raise the prices just this morning on certain cuts. Suppliers are predicting prices to jump by the summer grilling season, which could mean an extra 20 cents per pound for customers.

But families can still afford to put meat on the table.

If they buy in bulk, meat will be cheaper and if they're willing to do some cutting to cut costs.

"If they want to roll their sleeves up and do a little work, they can buy a whole strip loin and do it themselves," says Hall.

According to some suppliers, the cost of chicken is also at record highs. But poultry and pork is no where near the cost of beef. In fact, Hall says pork prices are steady and low.